Spectrum Communications = Done Deal
Spectrum Communications (Ticker: SPRD) is finally going to close. Today, the company issued a press release stating that they have obtained all PRC regulatory approvals and plan to close the week of 12/23. I sold a bunch of the Jan 2015 $30 Puts for $0.50 and will let those expire in January 2014. This arb play worked out well as I was playing the common early on and then switched to selling the Puts. I was too optimistic in terms of the closing time when I was playing the common. I’ve learned to give plenty of time for a closing when you’re dealing with the PRC.